David Norris (Independent)

The picture painted by Senator Ross is both accurate and grim. We have been confronted with an apocalyptic scenario. Good governance has been absent at senior levels in the banks, regulation has been poor, the banks have engaged in speculation on private accounts and mischarging of accounts and have provided assistance with tax evasion. The record is astonishing. Appalling investments were also made from which the taxpayer had to rescue them. That is the context in which the House debates this issue.

The following statement by the Minister of State is highly significant:

Importantly, statutory codes of practice on business lending and mortgage arrears have been finalised and will be published by the Financial Regulator this week. The codes will be put in place to ensure all banks operating here deal in an honest way with customers and that consumers in particular are treated in a reputable and respectable fashion.

What an innovation. How extraordinary. Does the Minister believe the banking system will survive this? Is this new? Suddenly, starting now, the banks will be honest and treat their customers in a reputable and respectable fashion. This is the measure of the utterly scandalous behaviour at the top of banks.

The €3.5 billion being given to each bank is certainly not enough. Every commentator we hear says it is not enough. When will it be enough? When will we have full disclosure? When will we know the extent of the exposure? From time to time, I listen to the economic analysis from RTE. George Lee is a most balanced, moderate man. One could hear from the tone of his voice last night——